Emporio Trading Review
Is Emporio A Scam or Legit Forex Broker
Is Emporio Trading a scam or a legit broker?
Emporio Trading is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority.
Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored its safety and may operate the business in any way it wishes.
About Emporio Trading
Emporio Trading is a trading provider that offers an STP execution through a range of assets and the market-leading platform MetaTrader4.
The broker mentions their worldwide, internationally recognized business position, while the company serves hundreds of thousands of traders from Europe, Asia, and Latin America.
However, once we got closer to the points about Emporio Trading, the facts revealed that the company was first of all located and established in offshore zone Vanuatu.
As general advice, we do not recommend trading with offshore brokers, as recently offshore brokers are often scammers or poorly funded companies that can quickly establish their business only in a location like Vanuatu and perform their dim businesses.
The registration of such a brokerage requires only 2,000$ while no further overseeing operation or service follows. Therefore, an offshore zone is perfect, with no strict regulation and specific legislation that attracts and produces many frauds.
In addition, the Emporio Trading, in particular, indicated shady performance and service as the traders respond and reviews shows. At the same time, the main target of the broker is residents of Latin America.
Now some Info about their Service and their Offer
Emporio has only the MetaTrader 5 platform offered in the desktop versions for PC and Mac and mobile devices running on Android or iOS. MT5 web trader is a browser alternative for those that do not want any installation or a glance at their positions. The platform is at its default settings with the classic four major Forex pairs charts open. MT5 will quickly find the Emporio servers showing a ping of just 50ms.
Emporio servers have an impressive 50ms average execution time like the server does not have any utilization. The same server is for Demo and Live accounts. Assets listing was very long, and they are neatly categorized,
Emporio allows hedging but not the use of EAs. At least, that is what we thought until we saw another contradictory information on the website about Emporio’s “features at a glance” where EAs and Signal Provider support is listed. MT5 supports EAs, but these are not yet widespread as with MT4. Scalpers are not welcome with this broker.
- The maximum available leverage is 1:1000 and only for the ECN Beginner account. ( This is one of the highest levels possible in the industry).
- ECN Premium has the maximum leverage set to 1:200 but requires a much higher deposit.
- ECN Premium account has leverage lowered to 1:100.
The high leverage for beginners is usually not recommendable, in addition to the high minimum deposit requirement that is not in line with the information in the Emporio’s client portal.
Many critical points about trading are not in line as contradictive, and inconsistent statements are found all over the website—more on this issue in the following sections.
What can you Trade
Emporio has a wide range of assets. Traders will enjoy great Forex offer, Metals, Stocks, Indices, Oil, and Cryptocurrencies.
A total of 56 currency pairs are listed in the MT5.
Apart from majors and major crosses, traders can find all Scandinavian currencies crossed with USD and EUR, Turkish Lira quoted with EUR, USD, and CHF. MXN, CHN, SGD, HUF also crossed with USD and EUR. The most exotic pairs are the USD/Chilean Peso, CHF/RUB, USD/Brasilean Real, USD/Colombian Peso, and USD/Argentinian Peso. Emporio is focused on the Latin American countries but also Russia.
Emporio is officially a floating spread broker. Emporio web site is full of different statements for a single trading condition. The same is for spreads. Spreads from 0.0 pips and 0.2 pips are incorrect and just a marketing phrase. We found both floating and fixed spreads (for some exotics). For EUR/USD, the spread was from 1.8 to 4 pips, considered high in the industry.
AUD/USD has a lower spread at 1.7 pips, also USD/CAD at two pips. The highest spread we could find in the non-exotic category is GBP/NZD at an extreme of 36.7 pips. This is another instance of the unusual business practice of Emporio.
Spot Gold and BTC/USD have the same 54 pip spread. Palladium 400 points and Platinum just 33 points. Note that the spreads could only be calculated by trading as the Emporio servers do not provide feedback for Ask/Bid prices in MT5. Web MT5 did not show these problems.
Emporio sets a steep barrier for entry, as their inferior services are in extreme demand or as if they want to pick only individuals with deep pockets. The minimum deposit for the ECN Beginner account is $10.000, an influential figure, especially if we consider this is for “beginners”. As we go on to the following ECN Premium account, the minimum is $20.000 and for the full-featured ECN Pro is $50.000.
We have found out that the minimum number threshold for a deposit is $100. The Emporio client portal does not show these minimum deposit figures. Different figures are stated on the Withdrawals and Deposits page, although these are probably not minimum deposits related to accounts.
Deposit Methods & Costs
Emporio will not charge fees for deposits, and they will also cover the costs for bank transfers. The deposit methods are Bank Transfers, Debit/Credit Cards, e-wallets like Qiwi, Yandex.
Money, Neteller, Skrill, Perfect Money, ePayments and also Bitcoin. If clients do not see these methods from the clients, they should contact Emporio via email. The broker also offers their branded payment card, which offers benefits like a 1% commission on deposits and withdrawals.
Bonuses & Promotions
Emporio offers three kinds of bonuses.
- “$30 Non-Deposit Bonus” is a classic top-up of $30 for newly registered traders. All profits are withdrawable as stated but no conditions are published.
- Another bonus is $1000 called “Hot bonus”. This is a 10% bonus on deposits for new traders that is limited to max $1000. The bonus cannot be cashed out and is not valid for existing accounts.
- Cashback is a $6 trading rebate per lot traded that will be credited every Monday. There is a structure and conditions for this promotion although it is also stated that the promotion is valid until December 2017.
Educational & Trading Tools
There is a special section called Emporio ED that is dedicated to education,
This link will open a new website unrelated to the broker, news-hive.com. A list of video tutorials and lessons will elaborate on various trading topics like Indicators, Chart formation patterns, Fibonacci, MT4, Cryptocurrencies, etc. The quality is good though it is available only in Spanish without subtitles.
There are over 80 videos that are not longer than 5 minutes. No educational material or tools are found on Emporio’s website.
The chat service is mentioned on the Emporio website, but we could not find one. Email and a phone line are published, but it is an IP phone line. The chat icon will open a contact form mixed in Spanish and Russian.